NO.PZ2020042003000056
问题如下：
Which of the following statements about
liquidity option is NOT correct?
选项：
A. liquidity option is the right
of a holder to receive cash from, or to give cash to, the bank at predefined
times and terms.
Standard options are
exercised when there is a profit. A liquidity option is exercised because of
the cash flows produced after exercise.
Exercising a liquidity option can only cause
cash flows from bank to the clients.
Examples of liquidity option include: the committed credit line a bank offers and the sight and saving deposits.
解释：
考点：对Liquidity Options的理解
答案：C
解析：
选项C错误，Liquidity
option产生的现金流既有可能是从银行到客户，也有可能是从客户到银行。
当客户“行权”时，例如当客户提前还款时，现金流是从客户手里到银行。
银行给客户授予一定额度的committed credit lines，当客户“行权”时，可从银行提取贷款。因为Liquidity option的行权，存在两个方向的现金流。
liquidity option可以是"不知道何时客户会提前还款给银行"，也可以是"不知道何时客户会从银行那提取信贷额度"。所以，这时间是不确定的，那跟A选项说的predefined times是否相悖?
